Static Routes + BGP - Routers can ping each other, but won't pass traffic through it (ingress and egress)

NOTE: All the IP addresses below are examples, and are not my actual public IP addresses.

I have a Mikrotik located on my ISP’s premises. I also have a /24 block and ASN, which is announced just fine.

[admin@MikroTik] > /routing/bgp/advertisements/print
 0 peer=bgp1 dst=49.123.123.0/24 afi=ip nexthop=111.222.222.111 origin=0 as-path=sequence 123456

I then established a VxLAN tunnel between the ISP and my local MT. I assigned the IP addresses as in the below diagram.

Lastly, I added a static route on the ISP-side MT:

[admin@MikroTik] /ip/route> export

/ip route
add blackhole disabled=no distance=200 dst-address=49.123.123.0/24
add disabled=no dst-address=49.123.123.3/32 gateway=192.168.123.2 routing-table=main



 ┌────────────────────┐         ┌─────────────────────┐
 │                    │         │                     │      IPv4 BGP
 │     Mikrotik 1     │         │     Mikrotik 2      │     Full table
 │                    │         │                     │          ▲
 │ vxlan-local        │◄───────►│ vxlan-2             │          │
 │  192.168.123.2/30  │  VxLAN  │  192.168.123.1/30   │          │
 │  49.123.123.3/32   │         │                     │          │
 │                    │         │ eth1-WAN            │          │
 │ eth1-WAN           │         │  111.222.222.111/24 ├──────────┘
 │  Normal internet   │         │  49.123.123.2/32    │
 │                    │         │                     │
 │ eth2-LAN           │         │                     │
 │  Normal LAN        │         │                     │
 │                    │         │                     │
 │                    │         │                     │
 │                    │         │                     │
 └────────────────────┘         └─────────────────────┘

I confirmed that the local MT can ping ISP-MT (192.168.123.1), and ISP-MT can ping local MT (192.168.123.2 and 49.123.123.3). Additionally, I can ping ISP-MT (111.222.222.111 and 49.123.123.2) from the outside, which is great. BGP is working, and static routing works I think.

The issue is I can’t ping local MT from outside. Am I missing anything?
BGP works, both routers can talk to each other, but outside can’t access local MT.

Currently at a loss. Any help will be appreciated.